New Apple CEO Tim Cook must remain with the company for the next ten years if he is to pick up the bumper pile of shares awarded with his new title.

Apple has made a whopping one million shares available to Steve Jobs' replacement, dependent on his continued tenure with the company until 2021.

At today's prices, a million stock units equates to somewhere in the region of £250m. Not a bad chunk of change.

Half of those shares will mature in 2016, while the other half a million will be restricted until the end of the ten year period.

Snowballed

"In connection with Mr. Cook's appointment as Chief Executive Officer, the Board awarded Mr. Cook 1,000,000 restricted stock units," Apple told the US Securities and Exchange commission.

When you consider how Apple stock has snowballed massively over the last few years (over 6,000 per cent since Steve Jobs returned to the company in 1997), Cook's tenure at Apple is likely to make him a billionaire.

New Chairman of the Board Steve Jobs currently owns 5.5 million shares, which would be worth over $2bn if he decided to cash them in and buy a desert island to retire to.

Link: TechLand